Individual Assignment: Risk Response Plan Paper. Management

Risk Response Plan
Name:
Institution:
Risk Response Plan
Introduction
Risk refers to uncertain occurrences or events which are likely to occur during the project development process and may have unwanted outcomes on the project outcomes. There are numerous types of risks which may be noted in a project; these may include costs risks where the cists are likely to escalate as a result of poor cost estimation. Schedule-related risk occurs when the project activities take longer than they are expected, which may end up increasing the total costs of project development. Performance risks occur when inconsistencies are recorded, and the project does not give the expected outcomes. Other common types of errors may be attributed to legal issues, governance, and external hazards, such as floods and earthquakes. In order to ensure the success of a project, the project team would be in a position to identify the risk, plan for, and mitigate it so that the project can be completed successfully. The literature examines the purpose of a risk response plan, evaluating who a risk owner is, discuss how a project manager may respond to risks and areas where the threats may originate.
The primary aim and objective of a risk response plan are to develop and implement options and actions which should be undertaken to promote opportunities and minimize the potential risks and threats which may impact the objectives and goals of a project. Ideally, risk response planning mainly focuses on identifying risks and assigning a team and resources that are aimed to address the threat by priority. The risk response plan help in ensuring that the risks discovered are effectively and sufficiently addressed to reduce and or avoid the impact they might have on the entire project. It is important to note that the risk response plan should be specific and relevant depending on the nature of every risk; also, it should be achievable and realistic to ensure that it can be implemented and can guarantee better results.
A risk owner refers to an individual within the project team who is mandated with the responsibility of examining, managing, and monitoring as well as controlling individuals assigned to a particular risk. Additionally, the risk owner helps in handling the resources and strategies which are developed to assist in dealing with the identified risk (Krane, Olsson & Rolstadås, 2012). It is essential to comprehend that a risk owner should have the skills and the knowledge required to direct resources and personnel available to manage the threat identified. Ordinarily, it is crucial to assign different risks to different individuals depending on their skills and knowledge in relation to the nature of the risk identified.
When appointing individuals to own risks in a given project, it is crucial to ensure that persons selected have knowledge about the project and that they understand how the risk may affect the deliverables of the project and, therefore, knows what should be done to minimize the impacts of the risk. Additionally, it is necessitated that the person appointed has the authority to direct and manage the available resources; this is necessary because dealing with the risk will require the use of both human and material reso...